"From Broadway to film, and across generations, Grease is one of the most beloved musical stories ever told — and we can't wait to bring it to our air in a spectacular live event," Shana C. Waterman, senior vice president of event series for FOX, said in a statement. "Its iconic characters and addictive songs make it the perfect fit for FOX, and we're going to give it the kind of star power and production quality to make every Sandy, Danny, Rizzo and Kenickie out there want to get up and sing along."

Added Paramount TV President Amy Powell: "It's incredibly exciting to have one of our first major network productions be based on this universally celebrated Paramount title, and we're thrilled to be partnering with Kevin, Joe and Shana on this epic television event. FOX's passion for engaging audiences with bold storytelling and live musical formats make it a perfect home for this special broadcast."

Fox follows in the footsteps of NBC, which aired a live version of The Sound of Music in December and has already announced plans for a production ofPeter Pan.

Grease Live, which will be a three-hour production, is slated to air in 2015.Will you watch?